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Tax Credit Consulting: Retirement Savers Contribution Winston Salem NC

Americans doesn't do well in saving for retirement. Well, the government is offering the retirement savers contribution tax credit to change this for some of us. Keep on reading for details of this issue.

H&R Block
(336) 722-1043
1485 NEW WALKERTOWN RD
WINSTON SALEM, NC

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Liberty Tax Service
(866) 871-1040
3601 N Patterson Ave
Winston Salem, NC

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H&R Block
(336) 784-9383
3541 pkwyVILLAGE circle
WINSTON SALEM, NC

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H&R Block
(336) 659-7248
3320 SILAS CREEK PKWY
WINSTON SALEM, NC

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Parker Tax Service
(336) 784-4160
2798 Friedland Church Rd
Winston Salem, NC

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Liberty Tax Service
(866) 871-1040
1111 Silas Creek Pkwy
Winston Salem, NC

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Taxaco
(336) 661-1770
3507 NE Patterson Ave
Winston Salem, NC

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Jackson Hewitt
(336) 724-1242
1081 Silas Creek PKWY
Winston-Salem, NC

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Gatewood Hughey & Company
(336) 724-4446
2000 W 1st St # 411
Winston Salem, NC

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Phipps, Mack W CPA PA
(336) 659-0006
250 Executive Park Blvd Ste 110
Winston Salem, NC

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Tax Credit Consulting: Retirement Savers Contribution

Retirement Savers Contribution Tax Credit

It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering the retirement savers contribution tax credit to change this for some of us.

Social security is going to be under siege as baby boomers hit retirements. Fortunately, many baby boomers have put away piles of cash in 401ks and IRAs. Regardless, most people fail to do all they can in this regard. In an attempt to motivate us taxpayers to save as much as we can for retirement, Uncle Sam is dangling tax credits before us like the proverbial carrot.

The tax credit in question is the Retirement Savings Contributions Credit. Qualify for it and you may be eligible to take a credit of $1,000 for singles and $2,000 if you're filing jointly. The credit is eligible for those that make contributions to 401ks and retirement vehicles. The amount of the credit is determined on a sliding scale based on how much you make and contribute.

You can claim the retirement savings tax credit:

1. Individual taxpayers with incomes of $25,000 or less.

2. Individual taxpayers that are head of households and make $37,500 or less.

3. Married couples filing jointly who make $50,000 or less cumulatively.

There are some very minor restrictions regarding who is eligible for the tax credit. First, you have to be older than 18. Second, you can't be a full time student. Finally, another dependent can't claim you as a depe...

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